Market Commentary | February 16th, 2026

Market Commentary | February 16th, 2026

by | Feb 16, 2026 | Market Commentary

Weekly Market Commentary

February 16th, 2026

Week in Review

Last week’s data reinforced a familiar theme: inflation is cooling, the labor market is stabilizing, and the consumer is becoming more selective.

The January Consumer Price Index (CPI) report showed continued, albeit uneven, progress on disinflation. Headline CPI rose 0.2% and eased to 2.4% year-over-year, helped by a 1.5% decline in energy prices that again acted as a drag on the overall index. Core CPI (e.g., food and energy) increased 0.3% for the month and held at 2.5% year-over-year. Beneath the surface, subdued core goods prices continued to counter persistent pressures in labor‑intensive services, while shelter inflation still added to core readings but at a diminishing pace. The marginal contribution of both owners’ equivalent rent and rent of primary residence continued to shrink, reinforcing the broader easing trend in housing costs and suggesting inflation pressures are becoming increasingly concentrated.

The January employment report delivered a notable upside surprise, with payroll growth coming in well above expectations. Yet the composition of job gains suggests the report was more consistent with job market stabilization than overheating. Hiring was concentrated in healthcare and construction, while government and finance weakened. Additionally, average hourly earnings rose 0.4% over the month. Given the sector mix, some of that firmness likely reflected composition rather than a broad-based pickup in wage pressure. Meanwhile, continuing claims edged up, hinting that re-employment is becoming more drawn out even as layoffs remain contained. Encouragingly, labor supply improved as participation rose to 62.5%, and both the unemployment rate and U‑6 declined, led by stronger prime‑age participation.

Even with these labor‑market improvements, markets remain focused on the retail consumer, where last week’s data hinted at softer momentum. December retail sales were flat (0.0% month-over-month) versus 0.3% expected, consistent with a post‑holiday cooldown and a shift toward value‑oriented spending. January existing‑home sales fell 8.4% to a 3.91 million annualized pace. While the series can be distorted by timing, weather, and other transitory factors, the directional message aligns with retail: households are becoming more discerning, and big‑ticket activity remains difficult to sustain. If this pattern persists, the consumer could become less of a growth buffer in early 2026, even as labor conditions remain broadly supportive.

Economic and Capital Markets Dashboard

Week Ahead…

This week’s economic calendar shifts the focus from backward‑looking inflation data to forward‑looking sentiment and demand indicators, offering markets an early read on how businesses and consumers are navigating the current environment.

Against that backdrop, markets will be watching whether early‑month sentiment data confirm a cooling in activity or simply reflect short‑term volatility following January’s data‑heavy start to the year. Regional manufacturing surveys from the New York Fed and Philadelphia Fed will provide a first look at February activity and sentiment, often serving as precursors to broader national trends. In particular, markets will be watching the Philadelphia Fed’s employment component, which has historically been a useful barometer for labor demand at the margin.

Consumer sentiment will also be in focus with the release of the University of Michigan sentiment and inflation expectations survey. After recent inflation data showed continued progress but lingering pockets of stickiness, markets will be attentive to whether household inflation expectations remain anchored and how consumers are perceiving their own financial conditions. Given the growing emphasis on the retail consumer as a potential pressure point, this report will help complement the business‑side data with a demand‑side perspective.

The most consequential release of the week will be Friday’s Personal Consumption Expenditures (PCE) inflation report, the Federal Reserve’s preferred gauge of inflation. With markets increasingly sensitive to the timing and pace of future rate cuts, any confirmation that disinflation is continuing, particularly in core PCE, could meaningfully influence policy expectations and rate markets.

Housing data will round out the week, with building permits and housing starts providing insight into future construction activity and housing demand. As leading indicators, these reports are especially important for assessing momentum in the housing sector and, by extension, the health of the household balance sheet. Pending home sales will also be closely watched as an indicator of pipeline activity in the existing‑home market and a signal for transaction volumes in the months ahead.

Economic Indicators:

  1. CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
  2. Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  3. PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
  4. Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  5. PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
  6. Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
  7. Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
  8. Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
  9. Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
  10. Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
  11. Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
  12. ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  13. ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  14. Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
  15. Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
  16. Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
  17. New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
  18. SA: Seasonally adjusted.
  19. SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

  1. S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
  2. Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
  3. NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
  4. Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
  5. Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
  6. Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
  7. Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
  8. MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
  9. MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
  10. VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
  11. FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
  12. S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
  13. 3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
  14. 10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
  15. 10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
  16. WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
  17. Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
  18. Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0226-0607

Market Commentary | February 9th, 2026

Market Commentary | February 9th, 2026

by | Feb 9, 2026 | Market Commentary

Weekly Market Commentary

February 9th, 2026

Message from the CIO

Insights from Harison Sidhu, Cambridge Chief Investment Officer

The past several weeks have delivered a meaningful uptick in market volatility, driven largely by rapid developments in artificial intelligence and shifting risk perceptions across several major asset classes. The catalyst has been the release of Claude Code, a product with the potential to disrupt a wide range of highly profitable software businesses.

While it’s difficult to determine whether the market is accurately assessing winners and losers at this stage, what is clear is that AI-driven capabilities are only getting stronger, and evaluating the strength of a company’s competitive moat has never been more important. We should note that we still feel strongly that in aggregate these technologies will create more business opportunities than they destroy and are likely to bring about significant productivity gains. This is desperately needed by the global economy and will not only help push stock prices higher but also aid countries with large debt servicing needs and even tame inflation.

These disruptive forces represent real risks for many existing business models, even as they create new opportunities for others. This dynamic has been especially challenging for public markets given the large weight of the technology and software sectors within major U.S. equity indices. As of February 5, 2026, the MSCI Software Index is down nearly 21% year-to-date, sharply underperforming the broader S&P 500.

Adding to the pressure, investors have become increasingly aware that large private market investment firms may hold significant exposure to the very software companies most at risk, whether through buyout strategies or private credit funds. In turn, publicly traded alternative asset managers have experienced notable share price declines, and allocators are increasingly focused on software exposure throughout their portfolios.

Crypto markets have not been immune either. Major cryptocurrencies have suffered brutal pullbacks, with Bitcoin losing nearly a third of its value in the first five weeks of this year alone. This downturn reinforces a trend we’ve been watching for some time: the rising correlation between digital assets and the technology sector. We hypothesize that many of the institutions and investors that actively purchase cryptocurrencies also tend to be overweight technology stocks in their portfolios. This relationship might undermine crypto’s perceived diversification benefits, particularly in chaotic environments, and contribute to deeper portfolio downturns during risk-off moments.

In our 2026 Market Outlook, we emphasized the importance of building more diversified, higher quality, and more defensive portfolios. Recent volatility underscores that message. Now more than ever, investors should consider expanding their opportunity set beyond U.S. large cap technology stocks, incorporating defensive and high-quality companies, international equities, smaller capitalization stocks, and healthy allocations to fixed income assets.

As always, we are here to help you navigate these shifts and assess what they mean for your portfolios. Please feel free to reach out with any questions or if you would like to discuss these developments in more detail or visit the Research Center to review more of our insights.

Week in Review

This week’s data offered a mix of momentum and moderation. Manufacturing activity improved, but labor indicators softened, and price pressures — especially in services — remained elevated.

Manufacturing: Growth with a Caveat

Business surveys opened the year on firmer footing. ISM Manufacturing returned to expansion at 52.6 (from 47.9), its first expansion in a year, led by New Orders (57.1), Production (55.9) and Backlog of Orders (51.6). Yet the survey also highlighted ongoing supply‑chain friction, with Supplier Deliveries (54.4) indicating slower lead times and customers’ inventories reported as “too low” (38.7), reinforcing a narrative of restocking demand. S&P Global’s Manufacturing Purchasing Managers’ Index (PMI) also signaled stronger output (the strongest since May 2022) but offered an important nuance: production outpaced new orders, contributing to further finished‑goods inventory accumulation — an imbalance that is difficult to sustain without clear demand reacceleration.

Employment: A Defensive Shift
The employment backdrop was less encouraging. ISM Manufacturing employment improved but remained in contraction at 48.1, suggesting firms are meeting higher activity with caution on headcount. ISM Services employment held just above breakeven at 50.3, indicating hiring is positive but fragile. Hard data echoed that cooling tone: December Job Openings and Labor Turnover Survey (JOLTS) openings fell to 6.5 million, and the job‑openings rate slipped to about 3.9%, reflecting softer labor demand into the year‑end. Weekly claims also weakened for a second week, with initial claims rising to 231,000 (week ending January 31) while continuing claims stayed low at 1.844 million. The Challenger report added to the caution, with 108,435 announced layoffs in January, the highest January total since 2009. In all, the labor market has been able to absorb the majority of the displaced workers; however, these figures point to a more defensive posture.

Inflation: Persistent Business Pressures
Inflation signals remain mixed. ISM price indexes stayed elevated (Services Prices at 66.6 and Manufacturing Prices at 59.0) pointing to ongoing cost pressure even as the labor market cools. Meanwhile, the University of Michigan’s preliminary February survey showed sentiment edging up to 57.3, with one‑year inflation expectations falling to 3.5% but long‑run expectations rising to 3.4%, a reminder that inflation psychology has not fully re‑anchored. If labor demand continues to cool, it could help temper inflation over time, but survey evidence suggests firms are still managing higher costs.

Economic and Capital Markets Dashboard

Week Ahead…

The upcoming week presents a concentrated macro schedule as markets navigate a backlog of delayed reports following the recent federal government shutdown. This compressed data cycle serves as a critical inflection point, either validating recent manufacturing momentum or confirming the “defensive shift” observed in late-January labor indicators.

Labor: Testing the Defensive Posture

After weaker signals in job openings and a rise in announced layoffs, the rescheduled January payroll report becomes a critical audit of hiring momentum. Nonfarm Payrolls, the unemployment rate, and broader underemployment (U‑6) will help determine whether the current “fragile but functioning” hiring environment is slipping into a more persistent labor market slack. A higher underemployment rate or softer participation would suggest displaced workers are taking longer to find new roles, reinforcing the defensive tone seen in recent indicators.

Consumption and Inventories: The Restocking Audit

The consumer narrative will be clarified through core retail sales, while business inventories will provide a direct follow‑through to the “restocking” theme embedded in recent manufacturing surveys. Together, these releases should help separate a true demand rebound from a production-led inventory build. Housing data later in the week adds a rates-sensitive check on big-ticket household activity and whether elevated financing costs are still constraining turnover.

Inflation: Anchoring Price Psychology

The week also brings a key intersection of price stability and rates. Treasury auctions will gauge appetite for duration ahead of the Consumer Price Index (CPI) release. With business price indexes still elevated even as labor cools, CPI will shape whether inflation expectations continue to drift lower in the near term, or whether persistent cost pressures remain a structural risk to the soft-landing narrative.

Economic Indicators:

  • CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
  • Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  • PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
  • Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  • PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
  • Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
  • Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
  • Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
  • Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
  • Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
  • Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
  • ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  • ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  • Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
  • Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
  • Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
  • New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
  • SA: Seasonally adjusted.
  • SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

  • S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
  • Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
  • NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
  • Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
  • Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
  • Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
  • Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
  • MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
  • MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
  • VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
  • FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
  • S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
  • 3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
  • 10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
  • 10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
  • WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
  • Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
  • Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0226-0513

Market Commentary | February 2nd, 2026

Market Commentary | February 2nd, 2026

by | Feb 2, 2026 | Market Commentary

Weekly Market Commentary

February 2nd, 2026

Week in Review…

Economic data released last week suggested mixed growth, with strengthening activity signals contrasting sharply with weaker consumer confidence, persistent producer level inflation, and a Fed meeting that underscored a steady policy stance amid ongoing economic uncertainty.

Durable goods orders for November rose 5.3% month-over-month, reflecting a rebound that was heavily influenced by transportation, with orders excluding transportation rising by 0.5% month-over-month. In summary, overall orders rose from the prior month; however, this improvement was largely driven by transportation while other categories were mixed.

In addition, consumer sentiment weakened materially. The Consumer Confidence Index fell to 84.5 in January from 94.2 in December. This suggests households are becoming more cautious, though the survey still reflected ongoing spending capacity for some consumers. Going forward, consumer attitudes may remain sensitive to incoming economic headlines.

The focal point of the week was the January Federal Open Market Committee (FOMC) decision and statement. The Fed held the target range for the federal funds rate at 3.50% to 3.75%. Their statement noted economic activity expanding at a solid pace, while job gains remained low. They highlighted that the unemployment rate is showing some signs of stability, with inflation remaining somewhat elevated. Going forward, the committee is emphasizing data dependence and balancing risks rather than signaling a shift in the policy path.

Late week inflation indicators added further context. Core producer prices in the United States, which exclude food and energy, jumped by 0.7% from the previous month in December 2025, the sharpest increase in five months, and firmly above market expectations of a softer 0.2% increase. Final demand prices for goods, less food and energy, were 0.4% higher, while those for services surged by 0.7%. This suggests that producer-level inflation could remain persistent if services margins continue to run high.

The final major headline of the week was the administration’s announcement that President Trump will nominate Kevin Warsh as the next Fed chair. Looking ahead, investors will increasingly focus on the confirmation process and how leadership transition risk interacts with incoming data.

Economic and Capital Markets Dashboard

Week Ahead…

Investors will take notice of several key U.S. releases over the week ahead. The first major data point arrives with the ISM Manufacturing Purchasing Managers’ Index (PMI), a key measure of factory conditions across production, orders, and employment. This indicator will provide an updated read on whether factory activity is stabilizing after prior mixed signals.

Attention will then shift to the Job Openings and Labor Turnover Survey (JOLTS) report for December, a key measure of labor demand. This indicator will provide clarity on how employers are approaching hiring during the start of the new year. Trends in job openings, quits, and overall turnover may help indicate whether the labor market is loosening further or holding steady.

This week also includes a look at the broader U.S. services economy. The ISM Non-Manufacturing PMI is a mid-week print that measures activity across the non-manufacturing sector. This report will help show whether service-sector momentum is holding up as February begins.

A timely read on layoffs arrives next with Initial Jobless Claims covering the week ending January 31. Recent claims have hovered around 209,000 and this update will offer a real-time indication of labor market steadiness or signs of emerging softening.

The week will end with the January Employment Situation Report. Payroll growth, unemployment figures, participation rates, and wage trends will help outline the state of the labor market entering the new year. As these indicators feed directly into assessments of household strength, this data will carry significant weight for policymakers and market observers.

Economic Indicators:

  1. CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
  2. Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  3. PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
  4. Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  5. PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
  6. Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
  7. Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
  8. Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
  9. Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
  10. Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
  11. Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
  12. ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  13. ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  14. Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
  15. Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
  16. Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
  17. New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
  18. SA: Seasonally adjusted.
  19. SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

  1. S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
  2. Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
  3. NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
  4. Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
  5. Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
  6. Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
  7. Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
  8. MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
  9. MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
  10. VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
  11. FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
  12. S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
  13. 3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
  14. 10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
  15. 10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
  16. WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
  17. Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
  18. Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0226-0393

Market Commentary | January 26th, 2026

Market Commentary | January 26th, 2026

by | Jan 26, 2026 | Market Commentary

Weekly Market Commentary

January 26th, 2026

Week in Review…

Economic data released this week continued to show a U.S. economy growing at a steady, though gradually moderating, pace. Real gross domestic product (GDP) for the most recent quarter was revised higher to an annualized 4.4%, reflecting strong consumer spending and resilient business investment. Personal consumption remained the primary contributor to growth, while government spending also provided support. Despite the strong backward-looking print, forward indicators suggest growth is likely to cool as restrictive monetary policy continues to work through the economy.

Labor market conditions remained firm. Initial jobless claims for the week came in at 200,000, up slightly from the prior week but still near historically low levels. The four-week moving average held close to 205,000, reinforcing the view that layoffs remain limited and that employers continue to retain workers amid a tight labor market. These figures remain consistent with stable income growth and ongoing labor market resilience.

Inflation data was broadly in line with expectations. Headline Personal Consumption Expenditures (PCE) inflation rose 0.2% month-over-month and 2.8% year-over-year, while core PCE also increased 0.2% on the month and 2.8% year-over-year. Services inflation remained sticky, offsetting continued easing in goods prices. The data suggest inflation progress has slowed, supporting expectations that the Federal Reserve will remain cautious on the timing of policy easing.

Business sentiment softened modestly. Manufacturing Purchasing Managers’ Index (PMI) registered 51.9, while Services PMI came in at 52.5, both remaining in expansion territory but down from prior highs. The readings point to continued growth in private-sector activity, though at a more moderate pace entering the new year.

Economic and Capital Markets Dashboard

Week Ahead…

The upcoming week features several important economic releases that will help shape market sentiment. Durable goods orders, due early in the week, will offer insight into business investment and demand for long-lasting manufactured goods. Investors often view this report as a signal of corporate confidence and industrial momentum, with implications for cyclical sectors and broader growth expectations.

Also early in the week, Consumer Confidence data will provide a snapshot of household sentiment regarding economic conditions and spending prospects. Because consumer activity is a key driver of economic growth, shifts in confidence can influence equity markets and interest rate expectations, particularly in consumer-focused sectors.

Mid-week attention will center on the Federal Reserve, with the release of the Federal Open Market Committee (FOMC) statement and interest rate decision. Even in the absence of a policy change, markets will closely analyze the Fed’s language for clues on inflation, economic risks, and the future path of monetary policy. Subtle changes in tone can have outsized effects on bond yields, the U.S. dollar, and equity volatility.

Later in the week, Producer Price Index (PPI) data will be released, offering insight into inflation pressures at the wholesale level. Investors will assess whether input costs are easing or persisting, as this can influence expectations for future consumer inflation and Fed policy.

The week concludes with the Chicago PMI, a regional manufacturing survey that serves as an early indicator of broader factory activity. The report can shape views on manufacturing momentum heading into the next month.

Economic Indicators:

  1. CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
  2. Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  3. PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
  4. Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  5. PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
  6. Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
  7. Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
  8. Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
  9. Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
  10. Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
  11. Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
  12. ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  13. ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  14. Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
  15. Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
  16. Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
  17. New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
  18. SA: Seasonally adjusted.
  19. SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

  1. S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
  2. Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
  3. NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
  4. Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
  5. Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
  6. Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
  7. Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
  8. MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
  9. MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
  10. VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
  11. FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
  12. S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
  13. 3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
  14. 10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
  15. 10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
  16. WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
  17. Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
  18. Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0126-0309

Market Commentary | January 20th, 2026

Market Commentary | January 20th, 2026

by | Jan 20, 2026 | Market Commentary

Weekly Market Commentary

January 20th, 2026

Week in Review…

Markets spent the week sifting through economic data still distorted by the lingering effects of last year’s federal shutdown. The Consumer Price Index (CPI) remains clouded by the Bureau of Labor Statistics’ decision to carry forward September pricing data into October, effectively creating a “zero” print that understated inflation at the time and inflated readings in November and December as missing prices were finally captured. This has split market participants: some see evidence that tariff-related price pressures were milder than feared, while others argue the recent 0.2% CPI rise remains artificially depressed by residual shutdown imputation effects.

Margins Under Pressure

The Producer Price Index (PPI) offers a cleaner read. Unlike CPI, much of the data was retroactively collected, and the sharp 0.3% October jump likely reflects firms front‑loading price increases in anticipation of supply disruptions. Paired with this week’s CPI report, the data suggest a rebalancing of margins. The Fed’s Beige Book corroborates this dynamic, noting input costs up 5-7% while selling prices rose only about 3%, with retailers and restaurants reluctant to pass costs to increasingly price‑sensitive consumers.

Efficiency, Not Expansion

Labor conditions echo this margin pressure. Firms appear to be in a “no hiring, no firing” posture, hoarding skilled labor but slowing net additions. The New York Empire State and Philadelphia Fed surveys reinforced this dynamic, with stronger orders and shipments but softer employment metrics. Friday’s Industrial Production report beat expectations (0.4% versus 0.1%), and capacity utilization climbed to 76.3%. Together, the data suggest firms are defending margins by squeezing more output from existing labor and capital, funding higher input costs through restrained hiring, slower wage growth, and efficiency gains. This approach lets companies maintain production without raising prices and risking pushback from cost‑sensitive consumers.

A Cautious but Resilient Consumer

The consumer, however, looks more resilient than headlines suggest. November retail sales rose 0.6%, and existing home sales surprised to the upside, increasing 5.1% month-over-month, suggesting households view today’s stable labor market as sufficient footing for taking on large purchases. These reports point to a cautious but confident retail consumer, willing to spend selectively even amid cost pressures.

Economic and Capital Markets Dashboard

Week Ahead…

The coming week marks a key transition for markets as attention shifts from regional manufacturing snapshots to broader national signals.

The Inflation and Consumption Crucible

The headline event is Thursday’s Personal Consumption Expenditures (PCE) report. As the Fed’s preferred inflation gauge, markets will watch closely to see whether it echoes last week’s muted CPI reading. Because PCE is chain‑weighted, the report will also clarify the “substitution effect”: whether consumers are simply trading down (“steak to chicken”) to manage higher prices, or if inflation has broadened enough that even the cheaper options are rising in cost. A hotter‑than‑expected print would likely undermine expectations for mid‑year rate cuts.

Complementing this, the Personal Spending report will help clarify the underlying health of consumption. After a surprisingly strong retail sales print, this data will reveal whether spending momentum is broad‑based or if a bifurcated economy is being supported primarily by upper‑income households.

Housing and Sentiment

Wednesday’s Pending Home Sales will help determine whether the recent surge in New Home Sales was a one‑off or a sign of sustained improvement. Markets will be watching to see if demand remains in the pipeline or if lower mortgage rates simply cleared out stale inventory.

The week concludes with S&P Global PMIs and the University of Michigan Consumer Sentiment Index. Following expansionary signals from the Philadelphia and New York Fed surveys, these reports will test whether rising industrial activity, paired with more cautious, efficiency‑focused hiring, is scaling into a national trend.

On the Radar:

  • 10‑yr TIPS Auction: Offers a market‑based read on 10‑year breakeven inflation expectations, an important check against sentiment‑based surveys.
  • IEA Monthly Report: Particularly relevant after recent Fed anecdotes highlighted rising energy and gasoline input costs, making producer margins sensitive to global supply dynamics.

Economic Indicators:

  1. CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
  2. Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  3. PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
  4. Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
  5. PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
  6. Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
  7. Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
  8. Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
  9. Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
  10. Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
  11. Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
  12. ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  13. ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
  14. Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
  15. Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
  16. Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
  17. New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
  18. SA: Seasonally adjusted.
  19. SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

  1. S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
  2. Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
  3. NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
  4. Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
  5. Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
  6. Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
  7. Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
  8. MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
  9. MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
  10. VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
  11. FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
  12. S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
  13. 3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
  14. 10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
  15. 10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
  16. WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
  17. Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
  18. Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0126-